I Am a College Student. How Bad Is It to Pay My Bills Late? – Zaria

“Dear Steve,

I’m a full time college student, who also works part time. I’m 21 and both of my parents are deceased. Right now I am well over my head in credit card debt (which I used to pay for textbooks and classes) and with my job at the verge of bankruptcy…my hours have been cut and I have not been able to make enough to pay my bills on time.

I have two credit cards (Wells Fargo and Bank of America) that I have missed the payment date and have recently been racking up extra charges for paying late. Are there any suggestions in consolidating my debt? Also, is there anything that I can tell the banks about my situation that will allow them to extend my payment debt? Also, how bad is my being late on four occasions with my bills going to effect my credit? I know this is a lot of questions, but I didn’t know who else to ask.


Dear Zaria,

Welcome to the GetOutOfDebt.org site and thanks for asking your question.

How bad is being late? Well it is what it is and I doubt you strived to intentionally be late so once you get things back on track I can show you how to rebuild and improve your credit. It can be fixed with some time, attention, and TLC.

Your first stop should be to contact this credit counseling company and talk to them about putting you on a consolidated repayment program that will lower your interest rate. If you can’t afford their debt management plan solution then come back and update me in the comments. Let’s take this one step at a time.

Please update me on your progress by

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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